Elopak’s second quarter (Q2): Progress and resilience: staying the course in a challenging environment

ELORegulatory press release18.08.2026, 07.00

Elopak ASA ("Elopak", Oslo Børs Ticker: ELO) reports improved financial performance from the softer start to the year, despite continued geopolitical uncertainty, raw material cost inflation, and changing consumer behavior.

Second quarter 2026 summary

Group revenue grew 4.9% year-on-year (5.7% in constant currency). Adjusted EBITDA reached EUR 45.0 million, corresponding to a margin of 14.8%
Americas delivered 8.7% revenue growth in constant currency and an EBITDA margin of 22.9%, supported by organic growth and the continued onboarding of new customer contracts
EMEA revenue grew by 3.3%, while the EBITDA margin was 17.8%. The margin was impacted by higher raw material costs following the Middle East conflict. Customer surcharges have been implemented to mitigate the impact, with recovery expected in the coming quarters
Strong operating cash flow generation with EUR 54.8 million. The leverage ratio remained stable at 2.2x and ROCE at 15.0%
Net profit attributable to Elopak shareholders increased to EUR 15.7 million, up from EUR 9.3 million last year. The Board has declared a dividend of EUR 0.065 per share for the first half of 2026
Håkon Volldal appointed as new CEO of Elopak ASA

Commenting on Elopak’s performance, interim CEO Bent K. Axelsen said: "We are operating in a demanding environment: volatile geopolitical situation, rising input costs and changing consumer behavior remain real challenges. Our second quarter results show that disciplined execution and strategic focus can drive progress even in difficult conditions, and we remain committed to our 'Repackaging tomorrow' strategy."

Ahead of the quarterly earnings announcement, Elopak collects earnings estimates from the equity analysts currently covering Elopak. The consensus estimates and the methodology used are published on Elopak’s Investor Relations website: www.elopak.com/investor-relations/share-information/analyst-coverage/.

The Q2 2026 results will be presented today at ABG Sundal Collier, Ruseløkkveien 26, Oslo, at 09:00 (CEST). The presentation will be held in English by interim CEO Bent Kilsund Axelsen and interim CFO Ola Buarøy. To access the live webcast of the results presentation, please use the following link: https://qcnl.tv/p/37asvqzctjCzkBfwKWO1Sw.

For the full report and presentation, please see the attachment or visit www.elopak.com/investor-relations.

About Elopak
Elopak is a leading global supplier of paper-based packaging solutions, through the brands Pure-Pak®, D-PAK™ and Roll Fed, along with filling machines and services. The company’s iconic Pure-Pak® cartons are made primarily from paperboard sourced from certified and controlled sources, providing a convenient alternative to plastic packaging.

Founded in Norway in 1957 and listed on the Oslo Stock Exchange, the company employs more than 3,000 people and provides its solutions across more than 70 countries.

Elopak has set Science Based Targets to reduce emissions in line with a 1.5-degree trajectory for scope 1 and 2, with a net-zero commitment by 2050.

For more information, go to www.elopak.com or follow us @Elopak on LinkedIn.